Home prices hit mid north coast living standards

A housing affordability study has found living standards on the mid north coast are being affected by property prices.

Global research company Demographia's annual survey found the median house price in Port Macquarie and Coffs Harbour is more than eight times the average income.

Co-author Hugh Pavletich said that is considered "severely unaffordable".

He said people trying to meet mortgage repayments do not have money left over for other things.

"Say if there's a household on $100,000 a year, what they'd expect to pay in most of the markets of North America would be between say $200,000 - $300,000 for their home," he said.

" In Coffs Harbour for example, it would be as high as $800,000.

"What we need to bear in mind is those higher prices of course require excessive mortgages as well."

Mr Pavletich said in Coffs Harbour and Port Macquarie more than eight times the area's average income is needed to meet median house prices.

He said says it locks people out of the "severely unfordable" market.

"The key factor is strangling land supply around our cities and just driving up the cost of the raw land" he said.

"There's no need for it whatsoever.

"They're failing to finance infrastructure properly, so the sooner house prices are affordable, the sooner people have got greater disposable income to be spending on other things other than making unnecessary donations to banks."

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